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Date
 04/09/2020
News Provider
 Siti Safura Masiron
News Source
 www.todayonline.com
Headline
 VEGOILS-Palm oil set to end six-day rally on estimates of higher Aug inventories


04.09.2020 (www.todayonline.com) - KUALA LUMPUR, Sept 4 - Malaysian palm oil futures are set to snap six-day winning streak on Friday on forecasts of higher August stockpiles in the world's second-largest producer, although the contract is still set to clock a weekly gain of 4.3%.



The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange fell 34 ringgit, or 1.18%, to 2,857 ringgit ($689.26) a tonne by 0232 GMT.



Palm had climbed 2.8% to more than seven-month high in the previous session and is poised to post its second consecutive week of gains.



The market is also trading cautiously ahead of Sept. 1-5 export data by cargo surveyors due Saturday, traders said.





FUNDAMENTALS



* Malaysia's palm oil stockpile in August is forecast to rise 6% from July as production grew 6% on-month and exports slumped, said Ivy Ng, regional head of plantations research at CGS-CIMB Research, in a note.



* Dalian's most-active soyoil contract rose 0.12%, while its palm oil contract fell 0.74%. Soyoil prices on the Chicago Board of Trade were up 0.18%.



* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.



* Palm oil may rise into a range of 2,910-2,946 ringgit per tonne, Reuters technical analyst Wang Tao said.



 



MARKET NEWS



* Asia's stock markets slipped on Friday, following the steepest Wall Street selloff since June, while safer bonds and the dollar found support as investors sought shelter.



 



DATA/EVENTS (GMT)



0130 Australia Retail Sales MM July



0600 Germany Industrial Orders MM July



1230 US Non-Farm Payrolls MM Aug



1230 US Unemployment Rate Aug



1230 US Average Earnings YY Aug



($1 = 4.1450 ringgit) REUTERS







Read more at https://www.todayonline.com/world/vegoils-palm-oil-set-end-six-day-rally-estimates-higher-aug-inventories



 



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